IR - New Company Details - Help

[entrepreneur08]

Hey there,

I was looking for some help filling out my "New Company Details" form for the Inland Revenue, specifically questions 1 and 8.

1. The date on which the company's first accounting period began.
8. The date to which the company intends to prepare its accounts.

For number 1, is that simply the date of registration? And for number 8 is that just until the end of the current UK fiscal year, and then from that point on is just the fiscal year?

This is our first year of operation and we registered in August 08. Any help is greatly appreciated.

Thanks!

[miketombs]

The first date is the date you started trading, so if the company was registered in August it may well be say 1st September that you started trading. The date can't be before the date of registration but it can be later.

The second date is usually 12 months after the first date, but ending at the end of a calendar month (not essential, but convenient). It just can't be longer than 18 months. If it's longer than 12 months you need to submit two CT600's, one for 12 months and one for the balance.

[Joyous]

The date that your first accounting period begins is the date that you first start to earn income. I doesn't have to be from trading. For example if you open an intetrest bearing bank account then you have a source of taxable income. Typically though it's the date that you "fling open the doors" and start trading.

By default the date that you intend to prepare accounts is the last day of the month that the company was formed. Eg company formed 3rd November 2007 - accounting date is 30 November 2008. However, ultimately the choice is yours and you can change it at Companies House using Form 225.

Regards

Joy